Mr. Jonathan Price reports

TECK ANNOUNCES REGULATORY APPROVAL FOR THE ZAFRANAL PROJECT

Teck Resources Ltd.'s Zafranal copper project in Peru has received regulatory approval from SENACE, Peru's National Service of Environmental Certification for Sustainable Investments. Zafranal is a highly competitive, mid-sized copper-gold development project located in the porphyry copper belt of southern Peru in the Arequipa region. The deposit is owned by Compania Minera Zafranal SAC (CMZ), of which Teck owns 80 per cent and Mitsubishi Materials Corp. (MMC) owns 20 per cent.

"Regulatory approval of the Zafranal project is an important step forward in our strategy to grow our copper business and unlock significant value for shareholders," said Jonathan Price, chief executive officer, Teck. "Zafranal will be a low-cost, long-life operation, and is a key part of Teck's industry-leading pipeline of high-quality, low-cost copper assets in well-established mining jurisdictions in the Americas."

Located in the Arequipa region, in southern Peru, Zafranal has an expected mine life of 19 years and will produce copper-gold concentrates through an open-pit mining and conventional concentration process. Copper ore processing, including crushing, grinding, flotation, thickening and filtering, will be carried out in a concentrator plant with a processing capacity of up to 80,000 tonnes of ore throughput per day. The mine and concentrator are expected to produce an average of 133,000 tonnes of copper contained in concentrate during its first five years of production.

A feasibility study of the Zafranal project was completed in June, 2019, by Ausenco which was updated in January, 2020, to include discrete value-added engineering updates. Moving forward, the Zafranal team will update project capital and operating cost estimates and will develop detailed engineering plans as well as minor permitting activities through 2023. The project could be positioned for a formal project sanction decision as early as H1 2024.

Receiving regulatory approval for the Zafranal project is another positive step in Teck's strategy to advance its industry-leading copper growth portfolio in a timely and prudent manner.

About Teck Resources Ltd.

As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and on the New York Stock Exchange under the symbol TECK.

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